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SWIFT launched a blockchain system for cross-border payments - ForkLog
On July 9, the financial messaging network SWIFT announced that its blockchain infrastructure is ready for the first phase of use.
The pilot project focuses on 24/7 cross-border payments using tokenized deposits. It involves 17 banks from six continents. Among the organizations are Citi, HSBC, BNP Paribas, Standard Chartered, BNY, DBS, and MUFG Bank.
SWIFT’s solution will connect different ledgers, synchronize payment obligations between participants, and enable transactions at any time, including overnight hours and weekends. Final settlements will remain within existing payment systems.
According to the company, this will improve liquidity management efficiency, accelerate transfers, and require no changes to existing security, risk management, and compliance procedures.
Context
The project grew out of a SWIFT initiative from 2022, when the firm experimented with interoperability between traditional systems and CBDCs and cryptocurrencies. The company then conducted several pilots in tokenized assets and cross-border settlements, which formed the basis of the current development.
In September 2025, the international system announced the integration of blockchain into its technology stack and the assembly of a conceptual prototype together with ConsenSys. In the same month, SWIFT announced the launch of its own platform based on a distributed ledger in partnership with Chainlink, with which it has been collaborating since 2016.
On March 30, 2026, the company completed the design phase and began developing an MVP. At that time, the announcement stated that the solution would be built on open source with an EVM-compatible architecture based on Hyperledger Besu. SWIFT is responsible for system management, while banks handle assets, keys, funding, and settlements.
Recall that in June, it became known that JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, and other major US banks plan to launch a tokenized deposit network in the first half of 2027.